Helvengo raises $4.5 million

Helvengo, the Swiss digital insurance startup targeting SMEs, has raised $4.5 million in a round led by TX Ventures, the venture arm of TX Group – the largest media company in Switzerland. Postfinance Ventures, Seed X, Hypoport, Anamcara Capital, Plug and Play, Conny&Co and various business angels also participated in the round.

Founded in 2020 by former Wefox employees, Helvengo offers professional liability, cyber, and D&O products, and it recently launched legal protection coverage together with Coop Rechtsschutz AG.

Businesses can buy coverage online or work with a broker.

“We offer SME the opportunity to analyze and cover their risks in just a few minutes. With this approach, we are making the market for corporate insurance more digital, more transparent and more cost-effective. The new funding will help us further develop our products in Switzerland and expand into Germany. 90% of the market is served through traditional sales channels, which is where we come in, because customer loyalty is much closer and lasts longer. The contact person remains the broker, but he receives the digital toolbox of 2022 in order to give ideal advice with the best possible price.” – Vedran Pranjic, co-founder of Helvengo.

“We are convinced that Helvengo has great potential to revolutionize SME insurance in Switzerland and abroad with its innovative business model, experienced team and ecosystem approach. Therefore, Helvengo is another important asset for our existing fintech portfolio, which we will continuously expand with CHF 20 million annually.” – Krzysztof Bialkowski, investment director at TX Ventures.